Tether may join top-10 US treasury holders in 2026

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Yaroslav Dmytrenko

11.02.2026

Tether may join top-10 US treasury holders in 2026 — USDT issuer Tether holds more treasuries than Germany

According to the ranking of foreign holders of U.S. Treasury securities compiled by the U.S. Department of the Treasury and the latest statement from the stablecoin issuer, Tether already holds more Treasuries than Germany and could enter the top 10 largest Treasury buyers in 2026.

Boe Hines, former White House cryptocurrency advisor and current head of Tether USA, stated that the global stablecoin issuer expects to increase its Treasury purchases this year, driven by growing demand for Tether’s flagship token USDT and the recently launched stablecoin USAT.

According to Hines, the number of USDT users is rising rapidly alongside the launch of its subsidiary token USAT, which complies with the GENIUS standard.

“This year, I think we will enter the top ten largest Treasury buyers,” Tether USA CEO Hines said at the Bitcoin Investor Week conference in New York on Wednesday.

USDT is the largest stablecoin by market capitalization. Currently, circulating USDT tokens total approximately $185 billion. According to the latest data, 83.11% of Tether’s reserves are held in U.S. Treasuries, representing over $122 billion in “risk-free” government debt securities.

“This firmly places Tether among the top 20 largest Treasury holders, including all sovereign nations,” Hines said, adding that the company will rank between Germany and Saudi Arabia in the U.S. Treasury Department’s list of foreign Treasury holders.

Significant growth of USDT and related products

Hines also noted that USDT, launched in 2014, has around 530 million users, with the user base growing by approximately 30 million per quarter—a significant figure.

Tether’s Treasury demand may further increase with USAT, officially launched last month. The token, issued by Anchorage Bank, is designed to comply with the U.S. federal stablecoin law—the GENIUS Act—which requires regulated stablecoins to maintain 1:1 backing with high-quality assets such as short-term U.S. Treasuries.

Hines, former executive director of the White House Crypto Council under President Donald Trump, reportedly played a key role in advancing the GENIUS Act. He resigned in August shortly after the law was signed.

According to auditing firm BDO, Tether holds approximately $6.3 billion in excess reserves. Hines also noted that Tether is the “13th largest gold holder in the world,” with around 140 tons of reserves.

As we wrote, Tether becomes one of top non-sovereign gold buyers after aggressive accumulation

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